Health Savings Account (HSA)

Tools and Resources



QUALIFIED EXPENSES


HSAs are to be used for eligible medical expenses, such as deductibles and co-insurance for doctor visits, hospitalization and surgery for you and your eligible dependents. You may also use your HSA for prescription medicines, dental care and certain vision expenses.

In general, you may not use your HSA to pay health care premiums while an active employee. However, there are exceptions for COBRA enrollees, and for those receiving unemployment benefits or who are age 65 and older.

You may also use HSA funds for Medicare premiums and long-term care (LTC) premiums, if applicable. Any HSA funds used for ineligible expenses are subject to income tax and a 20% IRS tax penalty.

A detailed listing of qualified expenses is available through the following IRS publication: http://www.irs.gov/pub/irs-pdf/p502.pdf